CS Communication & Systemes SA (ENXTPA:SX) made a bid to acquire Novidy's SAS for an enterprise value of €35.6 million on April 24, 2018. Under the terms of the transaction, 70% of capital of Novidy's SAS would be acquired in cash for €30 million, financed by a loan and 30% of capital of Novidy's SAS for 1.07 million new shares of CS Communication & Systemes SA with a 3-year commitment to hold 81% of the shares and the issue of 0.87 million warrants giving entitlement to between 0.87 million and 1.07 million shares of CS Communication & Systemes SA (prepaid strike price). The exercise of these warrants would be conditional upon presence of their holders after a period of 3 years; low, median or high limits would be reached when the annual growth rate of the EBIT of CS Communication & Systemes SA’s cybersecurity business would be lower than 15%, between 15 and 20%, or above 20% respectively. In 2017, Novidy's SAS posted revenues of €32 million and EBIT of €3.2 million and had net cash of €6.8 million as of December 31, 2017. This transaction is subject to the information and consultation process concerning staff representative bodies of CS Communication & Systemes SA, checking by foreign investment bodies, and the approval by annual general meeting of the shareholders of CS Communication & Systemes SA on June 26, 2018. As of June 26, 2018, the shareholders of CS Communication & Systemes SA unanimously approved the transaction. Marc-Etienne Sébire, Charles Tissier and Pierre Maunand of CMS Francis Lefebvre Avocats acted as legal advisors for Zencap Asset Management. Thomas Bourdeaut, Magda Picchetto, Camille Perrin and Rosa of Scotto & Associés Oudni acted as legal advisors for CS Communication & Systèmes. Corentin Coatalem and Charles Connesson of De Pardieu Brocas Maffei acted as legal advisors for European Investment Bank. Michael Herrmann, Michel Payan, Godefroy Lehideux and Alexandre Dischamp of Societe Generale Corporate Finance acted as financial advisor to CS Communication & Systemes SA (ENXTPA:SX).